The cost of renting a home rose in the first three months of this year, according to a new report. But the national average rent still stands at far below the peak of the market in 2007.

The report, from property website Daft.ie, says that on average, rents rose across Ireland by 0.5 per cent in the first three months of the year.

Some parts of Dublin and Cork have seen rises of 3% since this time last year but overall rents have been stable.

Cormac Lucey, chartered accountant and lecturer at the Irish Management Institute, said that the relative stabilisation of the rental market, especially in the urban market, did not reflect in the property prices.

“Rent levels have stabilised,” he said, “property prices have not.”